The new report by Expert Market Research titled, ‘Global Contract Lifecycle Management Software Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global contract lifecycle management software market, assessing the market based on its segments like deployment models, CLM offerings, enterprise size, industries, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Contract Lifecycle Management Software Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 16.9%
|Market Size in 2020||USD 1.50 billion|
|Revenue Forecast in 2026||USD 3.84 billion|
|Growth Rate CAGR||16.9%|
|Major Players||SAP SE, DocuSign, Coupa Software Inc., Agiloft Inc., Icertis among others|
There is an increasing application of contract lifecycle management software in the BFSI sector. This is owing to the rapid digital transformation in banks, increasing penetration of AI and automation in financial institutions, and growing concerns about the risk of cheating caused by manual handling of contracts. These factors are driving the contract lifecycle management software market growth.
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In addition, contract lifecycle management software brings visibility to contracts, which saves time and bolsters the security of clients, thereby, augmenting the reputation of the firm. This factor is anticipated to propel the contract lifecycle management software market growth in the forecast period.
Geographically, North America accounts for a significant share in the market owing to the strong foothold of major cloud-based technology providers.
Contract Lifecycle Management Software Industry Definition and Major Segments
Contract lifecycle management software refers to a type of software which is used by businesses to gain control of contracts of the company, and to reduce the manual work. With this software, a business can create, negotiate, sign, renew, or analyse a contract in order to avoid fraud or discrepancies.
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On the basis of deployment model, the market can be segmented into:
The market can be bifurcated based on CLM offerings into:
- Licensing and Subscription
On the basis of enterprise size, the market is segmented into:
- Large Enterprise
- Small and Medium Enterprise
The market can be broadly categorised based on industry into:
- Electrical and Electronics
- Retail and E-commerce
The regional markets for contract lifecycle management software include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Contract Lifecycle Management Software Market Trends
The key trends in the contract lifecycle management software market include the technological advancements and increasing investments by various industries such as automotive, and manufacturing, towards automation, in order to enhance the profitability of the business.
Meanwhile, industries such as pharmaceuticals, frequently deal with healthcare professionals, suppliers, and directly influence the health of the public. Hence, this industry is anticipated to witness a surge in the demand for contract lifecycle management software in the coming years.
Moreover, the increasing adoption of cloud-based contract software by the medium and large enterprises is likely to be a crucial trend in the market.
Key Market Players
The major players in the contract lifecycle management software market are SAP SE, DocuSign, Coupa Software Inc., Agiloft Inc., and Icertis, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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